Obviously it won't be direct or all at once, but serious inflation kills. Economic recessions kill. Suicides and overdoses increase, and European energy prices are climbing so high people literally freezing to death might not be unheard of if winter is cold enough. And even those who can make it through will be seriously diminished economically. Peoples' livelihoods will be destroyed.

One thing's for sure, the vaunted European social safety nets are going to have a hell of a stress test over the next few years. I hope they're up to the task.